The Indian Market is expected to have negative opening on the back of weak global cues as US market closed with losses and Asian markets are trading in deep red. On Monday, the Indian market closed in red. The domestic market opened in negative territory, tracking weak cues from the US markets but showed some recovery in the mid session led by the European markets on the back of the US government announcement to prop up troubled mortgage financiers Fannie Mae and Freddie Mac. Market was not able to sustain the momentum and slipped further to close on back foot. From the sectoral front, metal index was remained in the limelight as most of the buying was witnessed from this basket while selling pressure led by the weakness in IT, Bank and Pharma stocks. The BSE Sensex closed lower by 139.34 points at 13,330.51 and NSE Nifty ended down by 9.30 points at 4,039.70. We expect that market may decline further during the trading session.
On Monday, the US market was closed in red as banks dragged down the market. Failure of Indy Mac Bank hits the financial sector, which is seventh bank to fail since the credit crisis began last summer, and the second-largest bank to fail in the Federal Deposit Insurance Corp.''s 75-year history. Regulators are worried that the California-based bank did not have enough cash to get by after panicked investors withdrew more than $1.3bn in 11 days and seized its assets. Crude oil prices ended up at $145.18 a barrel on the New York Mercantile Exchange also added to the negative sentiment.
The Dow Jones Industrial Average (DJIA) closed lower by 45.35 points at 11,055.19 along with NASDAQ trading down by 26.21 points at 2,212.87 and S&P 500 index closed lower by 11.19 points at 1,228.30.
Indian ADRs ended down. In technology sector, Wipro ended down by (2.90%) along with Patni Computers by (2.71%), Infosys by (2.60%) and Satyam dropped by (2.30%). In banking sector, HDFC bank and ICICI bank lost (2.70%) and (1.20%) respectively. In telecommunication sector, Tata Communication remained unchanged and MTNL ended down by (0.23%). Sterlite industries increased by (2.32%).
Today the major stock markets in Asia are trading in red. Hang Seng index is trading lower by 567.57 points at 21,446.89 along with Japan’s Nikkei trading down by 193.20 points at 12,816.96 and Taiwan Weighted trading at 6,918.18 dropped by 238.78 points.
The FIIs on Monday stood as net seller in equity. The gross equity purchased was Rs2,420.10 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,730.40 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs310.30) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 3,864 and resistance at 4,102 and BSE Sensex has support at 12,762 and resistance at 13,586.
On Monday, the US market was closed in red as banks dragged down the market. Failure of Indy Mac Bank hits the financial sector, which is seventh bank to fail since the credit crisis began last summer, and the second-largest bank to fail in the Federal Deposit Insurance Corp.''s 75-year history. Regulators are worried that the California-based bank did not have enough cash to get by after panicked investors withdrew more than $1.3bn in 11 days and seized its assets. Crude oil prices ended up at $145.18 a barrel on the New York Mercantile Exchange also added to the negative sentiment.
The Dow Jones Industrial Average (DJIA) closed lower by 45.35 points at 11,055.19 along with NASDAQ trading down by 26.21 points at 2,212.87 and S&P 500 index closed lower by 11.19 points at 1,228.30.
Indian ADRs ended down. In technology sector, Wipro ended down by (2.90%) along with Patni Computers by (2.71%), Infosys by (2.60%) and Satyam dropped by (2.30%). In banking sector, HDFC bank and ICICI bank lost (2.70%) and (1.20%) respectively. In telecommunication sector, Tata Communication remained unchanged and MTNL ended down by (0.23%). Sterlite industries increased by (2.32%).
Today the major stock markets in Asia are trading in red. Hang Seng index is trading lower by 567.57 points at 21,446.89 along with Japan’s Nikkei trading down by 193.20 points at 12,816.96 and Taiwan Weighted trading at 6,918.18 dropped by 238.78 points.
The FIIs on Monday stood as net seller in equity. The gross equity purchased was Rs2,420.10 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,730.40 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs310.30) Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 3,864 and resistance at 4,102 and BSE Sensex has support at 12,762 and resistance at 13,586.
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